Emergencies tend to come unexpectedly, catching many people off guard. Even for those who diligently set aside money in a provident fund, sometimes that isn’t enough. In such cases, emergencies will force you to dip into your savings or liquidate assets, two paths you want to avoid. Fortunately, another option available to you is an emergency personal loan. These specially designed instruments can come to your aid when you need funds in the short term.
Today, most major lenders offer this type of financing solution. You can even have personalized offers for your profile, which makes the experience much faster. The emergency personal loan is a smart solution when you are in trouble as it offers you a way to deal with the problem without jeopardizing your finances.
Look at the following pointers for a better idea of how an online emergency loan can help you.
Access funds without the need for collateral
Most new-age lenders today offer an unsecured emergency personal loan. This is an important feature as it greatly simplifies access to funds for two main reasons. First, not everyone has an asset to offer. Second, pledging securities can be quite a lengthy process as it often needs to be assessed and verified. This lengthens the treatment and can lead to delays, which usually cannot be accommodated in an emergency. The collateral-free nature of an emergency personal loan is key to having a smooth experience.
Plan the loan easily and efficiently with the EMI calculator
Even when you need immediate funds, you need to plan your loan properly. Poor planning will cause you to borrow beyond your means and pay far more than you think. Fortunately, planning is relatively easy with a personal loan interest calculator. These digital provisions are free and readily available on most lender websites. They allow you to predict loan repayments, calculate the cost of the loan and find relevant terms.
Benefit from a sanction of great value
One of the main benefits of getting an emergency personal loan from the right lender is that you have access to a significant sanction. In some cases, you can get up to Rs. 25 lakh, but keep in mind that the amount entirely depends on your financial profile. Either way, using these funds provides much-needed relief as you don’t have to dip into your savings. Also, in cases where you dip into your savings, you may not have enough to fund the myriad expenses associated with emergencies. However, this is not a problem when you have an emergency personal loan because you can borrow freely, within certain limits.
Apply online for expedited processing
You can now benefit from an emergency personal loan completely online and from the comfort of your own home. Lenders no longer require you to physically visit a branch and you can start the process online. In most cases, you have to fill out an online form, upload documents and wait for approval. All of these processes are undertaken digitally, including loan disbursement. Major lenders offer approval in just minutes and disburse funds within hours. These instruments are the ideal solution in an emergency because you get money on time.
An emergency personal loan from the right lender is arguably the best tool at your disposal in difficult situations. This is mainly because you are guaranteed to have access to the funds and have complete flexibility in how they are used. With finances in order, it is much easier to deal with most emergencies. However, when you are in dire need, you must have a lender who can provide you with a solution as quickly as you need it. One option that can deliver and in an expedited manner is the Bajaj Finserv emergency loan.
Packed with features, it’s the perfect tool for you when you’re in a tight spot. Whether you need funds for a medical emergency or need to make urgent payments for your business or any other immediate obligation, you can rely on this instrument. Depending on your profile, you can get up to Rs.25 lakh as sanction and get instant approval for the same! This is possible because you only need to meet minimum criteria and submit basic documents. Plus, it offers a competitive personal loan interest rate and a range of digital provisions to make the experience quick and easy. To avail this instant emergency personal loan, apply online by filling out the easy form.
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